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CGI Inc. (TSX: GIB.A, NYSE: GIB) is a leading global IT and business consulting services firm headquartered in Montreal, Canada. Established in 1976, CGI has grown to become one of the largest independent firms of its kind, with a dedicated workforce of over 90,000 professionals across 40 countries. The company provides a comprehensive range of services including consulting, systems integration, application maintenance, and business process services.
CGI’s extensive portfolio is designed to help organizations digitally transform their operations to achieve better efficiencies and results. Its major sectors of operation include government, healthcare, financial services, telecommunications, and utilities, among others. Notably, the government sector contributes more than one-third of CGI’s annual revenue.
CGI recently secured several significant contracts, including a five-year $162 million partnership with the UK Government's Cabinet Office to enhance their digital, data, and technology services. Additionally, CGI is involved in the modernization of Los Angeles County's ERP systems and continues its collaboration with Market Operator Services Ltd (MOSL) in managing core water retail market platforms in England.
Financially, CGI reported a fiscal 2023 revenue of CA$14.30 billion, demonstrating stable growth with strong net earnings and cash generation. The company leverages a local relationship model supported by a global delivery network, positioning it to deliver tailored solutions and drive innovation across various industries.
Recent leadership changes include the appointment of François Boulanger as President and CEO, effective October 1, 2024, indicating a strategic focus on sustained growth and operational excellence. CGI continues to enhance shareholder value through strong profitability, cash generation, and strategic share repurchases.
CGI's future outlook includes executing its
CGI (TSX: GIB.A, NYSE: GIB) announced on May 27, 2024, its plan to repurchase 2,887,878 Class A subordinate voting shares from CDPQ for $138.51 per share. This is part of CDPQ's portfolio rebalancing. Post-transaction, CDPQ will still hold approximately 16.29 million Class A shares, representing 7.15% of CGI's total outstanding shares. The move aligns with CGI's strategy to deliver value to shareholders, supported by its strong financials, including $2.8 billion in cash as of March 2024. The share buyback falls under CGI's NCIB program, allowing repurchase up to 20,457,737 shares by February 2025. Details will be available on SEDAR+.
The Board of Directors of CGI announced François Boulanger as the new President and CEO, effective October 1, 2024. Boulanger, currently President and COO, will succeed George D. Schindler who will retire on September 30, 2024 but remain on the Board and serve as a strategic advisor. Under Schindler's leadership, CGI saw annual revenue growth to over $14 billion, a doubling of its share price, and a 70% increase in market capitalization. The transition aims to ensure continued profitable growth and strong client relationships as CGI advances its digital transformation strategies.
CGI (TSX: GIB.A, NYSE: GIB), a leading IT and business consulting firm, has been selected by the UK Home Office as the Technology Delivery Partner for the Emergency Services Mobile Communications Programme (ESMCP) across England, Scotland, and Wales. This five-year contract is valued at CA$81.2 million. The initiative aims to deliver the Emergency Services Network (ESN), a new communications system for the UK's emergency responders. The ESN will enhance communication capabilities for Fire, Ambulance, and Police services by providing a robust, cost-efficient network that facilitates fast, secure voice, video, and data communication over the 4G network. This collaboration will streamline first response efforts and provide immediate access to critical data in emergencies.
CGI and Nokia have signed an agreement to deepen their strategic partnership, combining 5G private wireless networking technology with CGI business services. This collaboration aims to deliver digital solutions for real-time, data-driven business operations, paving the way for Industry 4.0. The partnership has already seen success in Northern Ireland, with the creation of a cutting-edge 5G testbed for smart manufacturing.
CGI reported strong financial results in the second quarter of Fiscal 2024, with revenue reaching $3.74 billion, up 0.7% year-over-year. Earnings before income taxes grew by 2.3% to $577.4 million, and adjusted EBIT increased by 4.6% to $628.5 million. Net earnings rose to $426.9 million, with diluted EPS reaching $1.83, a 4.0% increase. The company's cash from operating activities stood at $502.0 million, representing 13.4% of revenue. Bookings totaled $3.75 billion, with a book-to-bill ratio of 100.4%. CGI's backlog reached $26.82 billion, with a strong performance across various financial metrics.
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